Find out which deed fits your family's estate planning goals.
Owning property with others can be a valuable part of your estate plan, but understanding the various co-ownership options is essential for protecting your interests and those of your loved ones. In North Carolina, the most common types of property ownership are Tenants in Common, Joint Tenants with Right of
Survivorship, and Tenants by the Entirety. Each comes with unique legal implications, especially when it comes to inheritance and the ease of transferring ownership.
For example, with Tenants in Common, your share of the property can be passed to your heirs through your will. On the other hand, Joint Tenants with Right of Survivorship ensures that your property automatically transfers to the surviving co-owner without going through probate. Tenants by the Entirety is an option reserved for married couples, offering strong protections, including automatic survivorship and shielding from creditors.
Choosing the right form of ownership is crucial for avoiding complications down the road. Whether you’re planning your estate or reviewing your deed, McIntyre Elder Law can help you make the best decision for your unique situation.
